J.P. Morgan Reserve Card

The J.P. Morgan Reserve Card, formerly branded and colloquially known as the Palladium Card, is a credit card issued by J.P. Morgan[nb 1] on the Visa network. It is reserved for the wealthiest clients of the firm's global private bank.[1][2] The card is minted out of a brass alloy, laser-engraved, and plated with metal palladium and 23-karat gold.[3] Eligibility for the card is not fully known as it is invitation-only and at the discretion of J.P. Morgan.[1][3] The card does not report to credit bureaus or maintain a pre-set credit limit. It is considered a status symbol among the affluent.[2][4]

Not to be confused with the Platinum Card issued by American Express.
A J.P. Morgan Reserve Card with EMV from 2019

History

The card was launched in September 2009, following the 2008 financial crisis, for J.P. Morgan's ultra-high-net-worth clients.[1] Its original name, the Palladium Card, reflected the card's composition: minted out of a brass alloy, laser-engraved, and plated with metal palladium.[3] The card was re-branded as the J.P. Morgan Reserve Card in September 2016.[5] Bloomberg described the Palladium Card as the "card for the 1% of the 1%".[6] Clients of J.P. Morgan who are invited to carry the card must have a reported minimum of US$10 million in assets under management (AUM) with the private bank.[7] The firm declined to confirm this figure as part of their eligibility requirements.[2] There are roughly 5,000 J.P. Morgan Reserve card holders worldwide.

Physical specifications

The J.P. Morgan Reserve Card was one of the first U.S. credit cards to adopt EMV smart chip technology. With its brass construction and palladium plating, the card weighs 1 ounce or 28.35 grams, five times the weight of a conventional plastic credit card and twice the weight of the titanium constructed American Express Centurion Card.[3]

Features
Region Annual fee Initiation fee Credit limit Eligibility
United States US$595 None Unlimited $10 million AUM at J.P. Morgan (reported)[7][8]
United Kingdom £500 None Unlimited
European Union €555 None Unlimited
China ¥4,000 None Unlimited

See also

Notes
  1. J.P. Morgan & Co. is a subsidiary of JPMorgan Chase specialized in commercial banking, investment banking, and private banking.

References
  1. Fitzgerald, Kate (July 8, 2021). "Up or down? Issuers adjust fees to compete for luxury spending". American Banker. Retrieved January 10, 2021.
  2. Blumberg, Yoni (July 10, 2018). "3 elite credit cards with outrageous benefits only available to the super rich". CNBC. Retrieved January 10, 2023.
  3. White, Martha C. (2 March 2012). "You're Probably Not Rich Enough For This Credit Card". TIME. Retrieved 10 February 2015.
  4. Pokora, Becky (September 11, 2021). "5 Exclusive Credit Cards That Shower You With Service". Robb Report. Retrieved January 10, 2023.
  5. Ellis, Nick (August 25, 2016). "Have $10 Million with Chase? You Can Get the J.P. Morgan Reserve Card". The Points Guy.
  6. Cohan, William D. (29 February 2012). "The Credit Card for the 1 Percent of the 1 Percent: The Ticker". Bloomberg News. Archived from the original on 14 February 2015. Retrieved 10 February 2015.
  7. Nunez, Matthew (October 22, 2022). "High-net-worth people are invited to use these credit cards". The Ticker. Retrieved January 10, 2023.
  8. Glazer, Emily (March 18, 2016). "At J.P. Morgan, $9 Million in Assets Isn't Rich Enough". WSJ. Retrieved January 10, 2023.
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